help needed with objecting to a bankruptcy order

r1704

hi i was wondering if anyone can advise me .
i was in an iva for just over 3 years which has now failed and i am due to be made bankrupt on the 24th feb.

starting from begining my wife and i had run up debts of over 65000 between us and after her losing her job and my earings dropping though she had found new employment , we were unable to pay the full amount to them so we both entered seperate iva's and for next three years we had been paying ,we had £20000 equity in our house and were to release £10000 each on the 4th year which was fine. Over a year ago our marraige detereated and we split i carried on paying my iva but she stopped hers. In may of last year we sold the house of which the value had gone up and there was an equity of £25000 each i had since been paying my monthly payment of £255 a month and was due to give the iva practicioner the £10000 this year which was my 4th year but he had found out the the house was sold and he now wanted the whole £25000 and not just the £10000, i have argued with him that the agreement was to release £10000 and also i have had to use the other monry for 6mths rent upfront plus funishing for the property plus a car for me to travel to and from work , he said he would look at my case , but a couple of months ago i got a bankruptcy petion to be heard on the 24th of feb this year soi have now stopped my payments to them . i was wondering what my chances are if i were to obect to this and to file a form 6.19 i am not sure what to do as i think that the iva was miss sold to me in the first place my creditors have recieved nothing in 3years it has all gone to the iva people in fees which i think is wrong as i thought that only the first year was to be fees for the iva people.So he had moved the goalposts as soon as he found out we had more equity in the house.Also how do i get a form 6.19 and do i have to attend the court hearing

any help on this please

skylight

I think that you may be better posting on the IVA board - there may be someone there that has been through the same.

I would suggest that you read your IVA contract with a fine tooth comb. I can understand why they have asked for all the equity, paying the equity is not negotiable really. But if your contact states only £10k then I would fight it. If it states value of equity or something along those lines, then although £10k may have been agreed verbally the contract says otherwise.

Have you thought about BR? Its not that horrific and you now have no assets to protect (hoping your car is not worth £2k plus). If the other £15k has all gone you can argue your position to the OR. Its just such a waste of all that money you have paid into an IVA in the first place.


The courts should have a copy of the form that you need. And I would always recommend appearing at court in person if you are defending anything. You can but give it a go. And try the IVA board - they are better people for advice on this.

r1704

thanks i will have a look on there